AIMA Singapore Roundtable: The Great Capital Tide - Understanding Private Credit Developments

Singapore In-person

AIMA Singapore invites you to a roundtable luncheon on 16 November 2026.

For 25 years, capital poured into private credit. That flow helped the market grow, addressing structural financing needs that funding markets were not meeting. As macro shifts accumulated from 2018 onwards, it also changed how risk was taken and how funds were built.

Drawing on Kroll’s research, The Great Capital Tide, we will follow that story from the market’s expansion to the decisions now facing managers and investors, from deployment and risk management through to workout and wind-down.

The tide in, and the tide out. Why did investors commit so much to private credit? What structural needs did it address? And what did the conditions that accompanied the tide in foreshadow what would happen as the tide goes out?
What the rising tide meant for risk taking. Lower borrowing costs pushed competition higher in and around private markets. While this meant more risk taking, the shape of that risk shifted away from traditional security and into other areas.
The great layering. As growth in traditional closed-ended funds slowed, capital found new routes to underwrite private credit at an ever-quicker pace, through semi-liquid structures, LP and GP financing facilities, and GP-borrower ties. We will explore how these structures have distributed risk, and where exposure lies.
What this means for managers. We will consider how capital allocation is changing and why a more selective fundraising environment does not necessarily imply weaker demand for private lending. Many funds are ageing just as raising a successor fund is getting harder. Managers must still refinance loans, address troubled borrowers, equitise and eventually return capital to investors. What happens when the original fund timetable no longer fits the assets it holds? An asset-liability mismatch that requires active management.
How to position for the next phase. We will discuss where private lending meets a lasting need, where GPs are having the greatest success, and facing the greatest challenges, in raising successor funds. We will also examine what should be verified and how LPs, and fund managers can prepare for more macro and microenvironments and the management of existing funds. Kroll will bring its perspective across credit risk, valuation, corporate restructuring and Fund Solutions, including the management and wind down of funds that need a different path forward.